Mumbai: Indian benchmark indices ended over 1% lower on Friday as stock markets around the world are under selling pressure. BSE Sensex ended 407 points lower, while NSE Nifty settled 107 points lower. Outshining the benchmark index, MidCap was down only 0.09%, while SmallCap gained 0.23%. Among BSE sectoral indices, bankex, finance, teck, IT and telecom suffered losses, while metal, realty and power posted gains. US stocks plunged around 4% on Thursday in another dramatic session. The S&P 500 slumped 3.8% on Thursday, while the Dow Jones dropped 4.2% as losses accelerated late in the trading day. Here are the latest updates from the markets:

2.23 pm IST Rupee trades at fresh two-month low against US dollarThe Indian rupee on Friday weakened to a fresh two-month low against US dollar after fears of higher interest rates by the US Federal Reserve led to a fresh plunge in global markets. The rupee was trading at 64.34, down 0.14% from its Thursday’s close of 64.26. The rupee opened at 64.42 a dollar and touched a low of 64.43, a level last seen on 18 December. The 10-year bond yield was trading at 7.487% compared to its previous close of 7.469%.

2.13 pm IST Jubilant Life Sciences unit gets new drug approval from USFDAJubilant Life Sciences Ltd said unit Jubilant Pharma has received abbreviated new drug application final approval from the USFDA for Amantadine Hydrochloride Tablets, 100 mg, the generic version of Symmetrel of Endo. Shares traded 1.18% lower at Rs956.95.

12.55 pm IST Surya Roshni shares jump 9% on receipt of LED supply orderSurya Roshni Ltd said it has obtained orders for supply of LED street lights and LED tube lights under Street Light National Program aggregating to Rs83.86 crore from Energy Efficiency Services Ltd. Shares jumped 9.14% to Rs509.95.

12.53 pm IST Mahindra sells stake in Mahindra Sanyo Special SteelMahindra and Mahindra Ltd said it has agreed to sell 22% stake in Mahindra Sanyo Special Steel Pvt. Ltd to Sanyo Special Steel Co. Ltd for a consideration of Rs146 crore.

12.47 pm IST January retail inflation seen easing only slightly, still above target: Reuters pollRetail inflation in India eased only slightly last month from a 17-month high hit in December, according to a Reuters poll, offering scant relief to policymakers mindful of the tentative economic recovery. The latest poll of 26 economists showed consumer prices were expected to have risen 5.14% last month from a year ago, down marginally from December’s 5.20% but still well above the RBI’s medium-term target of 4%. Wholesale price inflation also likely eased in January, to 3.25% from a year ago, compared to 3.58% in December.

11.25 am IST Market updateBSE Sensex traded lower by 540.18 points, or 1.57%, to 33,872.98, while the Nifty 50 declined 170.05 points, or 1.61%, to 10,406.80. All the sectoral indices on BSE traded lower with Bankex falling the most at 2%.

10.23 am IST Bhushan Steel shares trade higherBhushan Steel Ltd shares gained 1.7% to Rs53.35. According to a Mint report, Tata Steel Ltd and JSW Steel Ltd have submitted binding bids for Bhushan Power and Steel Ltd, the debt-laden company that has been referred to a bankruptcy court by its lenders

10.20 am IST Indian stocks that are most expensive despite market routSectorally, FMCG, consumer discretionary goods and services, capital goods and healthcare are the most expensive indices.

10.15 am IST Manappuram Finance shares fall as Q3 earnings declineManappuram Finance Ltd shares fell 4.1% to Rs104.45 after the company reported a 14.4 % year-on-year decline in consolidated net profits for the third quarter of the fiscal at Rs173.3 crore.

9.42 am IST Bank of Baroda shares trade lower ahead of Q3 earningsBank of Baroda shares declined 1.4% to Rs153.95 ahead of its December quarter earnings due after 5.30pm on Friday. According to 22 Bloomberg analysts’ estimates, the bank may post a net profit of Rs333.90 crore.

9.40 am IST SBI shares fall ahead of December quarter resultState Bank of India’s stock dropped 1.3% to Rs297.50 ahead of its December quarter earnings due after 5.30pm on Friday. According to 16 Bloomberg analysts’ estimates, the bank may post a net profit of Rs2,059.40 crore

9.37 am IST Glenmark Pharma shares plunge 8% as Q3 net profit declinesGlenmark Pharmaceuticals Ltd shares declined 8% to Rs534 after the company reported weaker-than-expected earnings. Its profit dropped 78% to Rs104.7 crore for the quarter ended December on sharp decline of US sales, despite growth in domestic formulations as well as other geographies.

9.33 am IST Rupee falls to fresh two-month low against US dollar amid global sell-offThe Indian rupee on Friday weakened to a fresh two-month low against US dollar after fears of higher interest rates by the US Federal Reserve led to a fresh plunge in global markets. The rupee opened at 64.42 a dollar and touched a low of 64.43, a level last seen on 18 December. Bond yield fell for the fourth session after international crude oil prices declined. The 10-year bond yield was trading at 7.454% compared to its previous close of 7.53%. Bond yields and prices move in opposite directions.

9.30 am IST Dow Jones falls over 1000 points as US stocks enter correctionUS stocks plunged around 4% on Thursday in another dramatic session, confirming a correction that has thrown the market’s nearly nine-year bull run off course. With Thursday’s drops, the benchmark S&P 500 and the Dow industrials confirmed they were in correction territory, both falling more than 10% from 26 January record highs. The S&P 500 slumped 3.8% on Thursday, while the Dow dropped 4.2% as losses accelerated late in the trading day. The S&P 500 last confirmed a correction in January 2016, when it fell 13.3% amid concerns about a slump in oil prices.